I have a custom post type setup with a custom taxonomy. Once a post is created with custom meta data and terms in the custom taxonomy. If I delete the post does it delete the terms and custom meta?
Terms should work like categories (which basically they are but with with different names). They are attached to posts but not dependent upon them. If you delete a post the term stays, like with categories.
Custom post meta is dependent upon its post and will be deleted when the post is permanently deleted. It isn't deleted when the post is 'trashed'.